Skipton International is pleased to announce that they have already approved mortgages for 14 islanders as part of the Starter Homes Deposit Loan Scheme. The pilot scheme was launched in the summer by Jersey States’ Treasury and Housing departments and is set to run until the end of January, 2014. However Managing Director of Skipton International Jim Coupe said the speed at which the scheme is progressing might mean it will have to close its doors to new applicants early: ’14 households are already moving in to their new homes and we have more new applications under review. This is very positive as it shows that a scheme like this can really benefit islanders, but we anticipate the pilot scheme could run out of funds ahead of its end date.’
The pilot scheme is aimed at supporting Islanders to attain home ownership where they otherwise cannot afford the full deposit, but can afford to make repayments if a low interest deposit loan is available. The States will lend up to a maximum of 15% of the purchase price, repayable at 0% interest over an agreed period. The prospective home-owner must have a minimum deposit of 5% and the balance of the lending will be provided by the only approved mortgage company Skipton International.
Jim Coupe added: ‘The speed at which we have been able to get the mortgages approved is evidence of our local focus. We are a Channel Islands’ bank with our underwriters here in the islands so we can react quickly and understand the local market conditions. It is one reason why we were able to support this very worthwhile scheme in the first place. We urge anyone thinking of applying to do so quickly. ’
Anyone who would like to find out more can contact the Affordable Housing Gateway team on 01534 449080 or visit: www.gov.je/DepositLoanScheme